Zuma to launch African regional centre of BRICS Bank

President Jacob Zuma will preside over the launch of the African Regional Centre of the BRICS New Development Bank (NDB).

JOHANNESBURG - President Jacob Zuma will on Thursday preside over the official launch of the African Regional Centre of the BRICS New Development Bank (NDB), the Presidency has said.

Zuma will be joined at the launch by the President of the NDB, Kundapur Vaman Kamath, ministers and other dignitaries.

This comes after the BRICS bloc of countries signed the Agreement establishing the New Development Bank at the Sixth BRICS Summit in July 2014 in Brazil, and the Seventh BRICS Summit marked the entry into force of the Agreement on the New Development Bank.

The NDB headquarters were officially opened in Shanghai, China, in February 2016.

Another key resolution taken at the Summit was to establish regional offices that would perform the important function of identifying and preparing proposals for viable projects that the New Development Bank could fund in the respective regions.

Last week, former governor of SA Reserve Bank Tito Mboweni was removed as a non-executive director of the BRICS New Development Bank after serving a two-year term. Mboweni was replaced by National Treasury director-general, Dondo Mogajane.